TLDR
- Gemini crypto exchange went public at $28 per share, raising $425 million and achieving a $3.3 billion valuation
- The IPO was oversubscribed 20 times, with demand far exceeding the available shares
- Shares are expected to open 21% higher at around $34 when trading begins on Nasdaq under symbol “GEMI”
- Nasdaq invested $50 million in the company as a strategic partner
- The Winklevoss twins’ company priced above its initial range of $24-26 due to strong investor demand
Gemini Space Station, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, began trading on Nasdaq today after pricing its initial public offering at $28 per share. The company raised $425 million through the sale of 15.1 million Class A shares.
The IPO price came in above the company’s updated range of $24 to $26 per share. This pricing reflects strong investor interest in the crypto platform during a period of renewed optimism in digital assets.
Demand for Gemini shares exceeded supply by more than 20 times, according to reports. Lead underwriters Goldman Sachs and Citigroup closed subscriptions earlier than planned due to the overwhelming response from investors.
The offering gives Gemini a market valuation of approximately $3.3 billion. Shares began trading under the ticker symbol “GEMI” on the Nasdaq Global Select Market.
Strong Institutional Support
Nasdaq itself participated in the offering with a $50 million strategic investment. This partnership gives Nasdaq access to Gemini’s custody and staking services while integrating with Nasdaq’s Calypso platform.
The exchange operator’s investment demonstrates confidence in Gemini’s business model and growth prospects. Traditional financial institutions have shown increasing interest in regulated cryptocurrency platforms.
Gemini intentionally limited the size of its offering despite high demand. The company maintained a controlled approach to fundraising to preserve scarcity and support strong initial trading performance.
Early trading estimates suggest shares could open around $34, representing a 21% premium to the IPO price. This potential first-day gain reflects the strong demand dynamics observed during the book-building process.
The company increased retail investor allocation from 10% to 30% of available shares. Popular trading platforms including Robinhood, SoFi, and Webull provided retail access to the offering.
Market Performance Expectations
Gemini joins other cryptocurrency companies that have gone public in recent years. Circle, the stablecoin operator, and Bullish, an institutional digital assets platform, preceded Gemini’s public debut.
The timing coincides with improved sentiment in cryptocurrency markets. Favorable economic data and regulatory clarity have contributed to increased investor interest in digital asset companies.
Public offerings in 2025 have already raised $26.8 billion, surpassing totals from the previous year. Gemini’s successful pricing adds momentum to this trend in public market fundraising.
The company operates one of the better-known crypto exchanges in the United States. While trading volumes remain smaller than market leader Coinbase, Gemini offers additional services including a credit card with crypto rewards and a stablecoin.
Business Strategy Focus
Gemini allocated 10% of shares to employees, friends, and family members. This approach balances internal stakeholder participation with public market access for new investors.
The company sees growth opportunities in tokenization and card payment services. These areas represent potential expansion beyond traditional cryptocurrency trading operations.
Gemini’s regulated status and compliance focus have helped attract institutional clients. The platform emphasizes security and regulatory compliance in its operations.
The Winklevoss brothers maintain control of the company through their ownership structure. They founded Gemini in 2014 and have built it into a major player in U.S. cryptocurrency markets.
Gemini shares are expected to begin regular trading today following the completion of opening procedures on Nasdaq.
